IGH SUSPENDS TRADING

24 August 2007

Troubled sportsbook group cites financial difficulties

In a move this week that several industry observers found unsurprising, the sportsbook group Interactive Gaming Holdings (IGH) has suspended trading on its shares on the London AIM, citing financial problems.

In a statement explaining the decision, founder and executive chairman Thomas J. Taule, said it has become evident to the company that the GBP 400 000 of interim funding to be provided by General Capital Venture Finance Limited (see previous InfoPowa reports) that was announced on 15 August 2007 will not be received as originally expected. No reason was given for this.

The interim funding was needed by IGH to meet its near term working capital requirements and without it the company's financial position has become uncertain, Taule said. He added that every effort is being made to resolve the problems facing the company, which remains in discussions with GCVF and another potential funder.

IGH operates the Premier Bet and Heathorns bookmaking companies, and previously raised capital from GCVF on two occasions in as many months in order to stay viable.

It's been three months of turmoil for the group since its decision to relocate to the Malta jurisdiction, and the resignation of CEO John Heaton at the end of May, leaving control of the company in the hands of a board of directors composed of Taule, executive vice president Mitchell I. Petchenik and non executive director Robert Spriddell.

The company listed on the London Stock Exchange AIM market in March 2004 and acquired Heathorns, claimed to be the world's oldest established bookmakers in March 2005, and subsequently relaunched its on-course betting presence in July 2005 at Newbury Racecourse. In August 2005, IGH acquired Premierbet, a fixed odds bookmaker based in London.

Online Casino News courtesy of InfoPowa